S'pore Must Build Economic, Social Resilience: President

Nation must brace itself for instability amid trade war, weakened global order, he says

- Esther Loi

It is now a time of darkening economic clouds, with a growing trade war taking place against the backdrop of a weakened international order, said President Tharman Shanmugaratnam on March 15.

Singapore must develop the capacity and networks for economic and social resilience, and grow opportunities in these challenging times, he added.

Addressing members of the Singapore Chinese Chamber of Commerce and Industry (SCCCI) at the installation ceremony of its 62nd council, Mr Tharman said the nation must brace itself for prolonged instability and uncertainty.

"It is not a passing phase. Nor can anyone tell how damaging this will get — for growth, for peace and stability everywhere," he added.

The President outlined a three-pronged approach to building the nation's capabilities: strengthening existing and new international partnerships, accelerating efforts to build advanced skills and capabilities within individual enterprises and collectively, as well as deepening a sense of community.